MOSCOW, June 29 (RAPSI) - The Moscow Commercial Court has registered a lawsuit filed by Bank of China (Eluosi), a Russian subsidiary of the Bank of China Limited, against Mechel, the Russian steel producer, for almost 55 million rubles (about $995,000), RIA Novosti reports Monday, citing a court statement.
Earlier, Mechel announced that it had agreed with Gazprombank and VTB on restructuring its debt. The company hopes to work with Sberbank through a compromise until the end of this summer and plans to use government support if there is an understanding with its creditors. Negotiations between Mechel and Sberbank are currently in progress. Russia’s largest bank is considering selling the company’s debt.
As of June 15, 2015, Mechel was in debt for $6.7 billion.
Bank of China (Eluosi) is number 135 in RIA Rating’s ranking of Russian banks by assets. Its assets were estimated at 38.3 billion rubles ($693 million) as of January 1, 2015. Bank of China (Eluosi) also processes payments via China UnionPay. Bank of China Limited (BOC Limited) has over 800 branches in over 30 countries. The Russian branch was opened in 1993.